According to the research report titled ‘Residential Solar PV Inverter Market Size, By Product (String Inverter, Micro Inverter), By Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028,’ available with MarketStudyReport, global residential solar PV inverter market is expected to amass notable gains during 2022-2028.

Surging demand for power, a positive outlook for clean energy, integration of renewable sources on a large scale, and rising inclination towards distributed energy are parameters contributing to the development of global residential solar PV inverter industry.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4547836/  

For the uninitiated, a solar inverter also called a PV inverter, is an important component of the solar energy system which aids in converting direct current (DC) to alternate current (AC). It is considered a reliable source of energy as they cause a massive reduction in electric bills, bolstering the industry uptake.

In addition to this, prominent players in the business environment are engaging in profitable strategies and introducing innovative products to gain a competitive edge over other firms, which is furthering the remuneration scope.

Citing an instance, in October 2021, Sungrow Power Supply Co. Ltd., who is a key vendor for inverter solutions of renewable power, introduced residential storage solutions, 1-phase and 3-phase PVs at the Intersolar Europe 2021.These novel inverters are created in such a way that they offer easy installation, flexible configurations, and extended capacity. 

Despite the optimistic outlook, the supply chain disruptions which has caused a humungous increase in the prices is likely to challenge the progress of global residential solar PV inverter market in the forthcoming years.

Concerning the regional standpoint, Middle East & Africa market is speculated to record an 8% growth rate during the forecast period, attaining a substantial valuation by 2028.

Whereas Latin America market is poised to accrue a valuation of USD 1 billion by the end of the assessment timeframe.

The key players in global residential solar PV inverter market are Darfon Electronics Corporation, Ginlong Technologies Co., Ltd., Huawei Technologies Co., Ltd., Enphase Solar Energy Pvt. Ltd., Schneider Electric SE, Sungrow Power Supply Co., Ltd., Fimer S.p.A., Fronius International GmbH, Solar Edge Technologies, Inc., SMA Solar Technology AG, Delta Electronics, Inc., General Electric Company, Altenergy Power Systems, Inc., Panasonic Corporation, and Shenzhen SOFARSOLAR Co., Ltd. among others.